Cryptocurrencies, in particular bitcoin and ethereum, will be “at a value much higher than where we are today,” according to billionaire hedge fund manager Paul Tudor Jones. The renowned hedge fund manager revealed that he “always” has a small allocation of bitcoin in his portfolio, confirming that he still holds bitcoin.
Famed Hedge Fund Manager Paul Tudor Jones Still Owns Bitcoin
In an interview with CNBC on Monday, multi-billionaire investor and well-known hedge fund manager Paul Tudor Jones discussed bitcoin and the American economy. Tudor Investment Corp., an asset management company, was founded by Jones. His current net worth is $7.5 billion, according to Forbes.
In response to a query regarding bitcoin, its use as an inflation hedge, and whether he still has any BTC, Jones said:
I’ve always had a small allocation to it [bitcoin] … In a time where there’s too much money, to much fiscal spending, something like crypto, specifically bitcoin and ethereum, that will have value at some point.
“We’re going to have to have fiscal retrenchment,” he further noted.
The billionaire was asked whether the crypto he mentioned will be “at a value much higher than where we are today” Jones replied: “Oh yeah I think so.”
Jones has long been a supporter of bitcoin. It’s difficult not to want to be long crypto, he said in May. He previously stated that he preferred cryptocurrency as an inflation hedge over gold. Additionally, he introduced Stan Druckenmiller to bitcoin. But the billionaire Duquesne Family Office LLC chairman and CEO recently declared that he no longer owns Bitcoin. However, Druckenmiller noted that “people just aren’t going to trust the central banks,” adding that he “could see cryptocurrency having a big role in a Renaissance.”
Paul Tudor Jones on the U.S. Economy and Recession
Jones also shared his view on the U.S. economy. Replying to a question about whether we are in a recession, he said:
I don’t know whether it started now or it started two months ago. We always find out and we are always surprised at when recession officially starts, but I’m assuming we are going to go into one.
The billionaire added: “Most recessions last about 300 days from the commencement of it. The stock market is down, say, 10%. The first thing that will happen is short rates will stop going up and start going down before the stock market actually bottoms.”
Jones further opined:
Inflation is a bit like toothpaste. Once you get it out of the tube, it’s hard to get it back in. The Fed is furiously trying to wash that taste out of their mouth. … If we go into recession, that has really negative consequences for a variety of assets.